"This sale represents a chance to buy a freehold commercial property with road front exposure, on a main arterial route within one of the North Shore’s most popular suburbs," says Gary Seekup of Barfoot & Thompson North Shore Commercial.
Seekup and his colleague Bruce Jiao are marketing the property at 748-750 Beach Rd, Browns Bay, for sale by tenders closing at 4pm on Thursday, April 6, at Barfoot & Thompson’s North Shore Commercial Office at 129 Hurstmere Rd, Takapuna - unless it sells earlier by negotiation.
The package
"The package encompasses a freehold land area of 2076sq m on which a 1730sq m building is split into six separate tenancies on various lease terms," Seekup says.
"Car parking is provided both at street level in the front and at Level 1 at the rear with bays for a total of about 40 car vehicles. It should be noted the building area cited excludes the upper level carpark.
"The property generates annual rent of $191,480 plus GST and offers a number of options to both investors and owner occupiers," he says.
"At present five of the tenancies are leased and the sixth, a small office area is vacant."
Seekup says the business uses of the tenants include showroom, warehouse, office, gymnasium and restaurant.
He says the current tenancy arrangements comprise relatively short lease terms which are below market rentals.
"So there is the possibility of restructuring the leases to bring the returns closer to market values and also make the terms more widely varied – which is likely to appeal to either a traditional investor and/or an owner occupier."